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But Why Use an Online Mortgage Calculator?
An online mortgage calculator can be used to help you to determine just how much it is you can afford to borrow in order to purchase the property of your dreams. These types of mortgage calculators are helpful in that you will be able to compare the costs of several real interest rates with regard to various different loans. It will also help you to determine what impact the length of the mortgage will have whether you add principal payments or you pay bi-weekly instead of each month. All of the online mortgage calculators you find on the internet today are automated tools which enable you to quickly determine what the financial implications will be in relation to any changes which may occur or any variables that may happen with relation to your mortgage financing. The main variables that these calculators look at in particular are:-
1. The balance of the principal loan 2. The periodic interest rate and the compounded interest rate 3. The number of payments that you may make each year 4. The total number of payments that you will make in order to settle the mortgage 5. What each payment amount will be.
Certainly if you are one of many people who does not have a mortgage as yet and are currently looking for one then an online mortgage calculator may be a very useful tool indeed. You provide such information as what your income is along with your living expenses and this tool will then tell you just how much you are able to borrow. By using this particularly useful little online tool you will may well find yourself saving thousands of dollars as you can compare the various different mortgage loans on offer and so also be able to calculate what the true cost of each of these will be and then find the one that is the cheapest.
The great benefit to be gained from using an online mortgage calculator is that it is designed to carry out all the complex calculations for you rather than you having to sit there and figure them out for yourself. As previously mentioned all you need to do is enter what your annual income is along with any living expenses that you may have and it will then calculate the monthly repayments that you can easily afford each month and from this it will be able to calculate just how much your mortgage loan could be. So if you are looking for a way to easily find out just how much you really can afford when looking to purchase your dream home for the first time then why not go online and see what a mortgage calculator provides you with.
Sample Loan Modification Hardship Letter
The loan modification process can be quite intimidating. You have to fill out all kinds of paperwork, negotiate on terms with your lender, as well as write a letter stating hardship. Out of those three main steps, the letter is the most difficult to do on your own. To give you an idea of how your hardship letter should look, here is a sample loan modification hardship letter to give you some guidance:
To Whom It May Concern:
This letter is to formally follow up on my application for loan modification I sent in to you last week. The application states what we had and what we are looking for, but obviously does not go into how exactly we got into the situation we are in now.
There were severe cutbacks at my job in November and I was transferred to a lower paying position in the middle of other people getting laid off. I should be grateful, but the salary I receive in this position is ¾ of what I was previously making. It had gotten to a point where we were pulling from our savings and scraping change to be able to make our mortgage payments and pay the bills. Two months ago our interest rate went up from 7.45% to 10.35% as we have not been able to manage and keep up with our payments since.
I would like to request our interest rate be lowered to anywhere from 7.25% to 8.40%. We feel this is a fair number to both parties. We were always punctual with our payments before my demotion and my wife is due for a raise next month. We are willing to work with you in finding a compromise that we can both agree on.
Sincerely,
Your Name
It’s important to stick to the facts in these letters, and this sample loan modification hardship letter does not veer off from the point: I simply cannot afford the high interest rate in my current situation. Be sure you mention why you are having problems with your payments and make it clear that there is no way for you to be able to manage as you are now.
Also be sure to mention the rate you would like. Your lender doesn’t have time to sift through every application and determine the exact rates they want.
Stating the interest rate you’re looking for gives them even more of a reason to accept you, because you have determined the interest rate you can handle on your own. It also shows that you are worried enough to have done the work to determine your ideal rate. Use this sample loan modification hardship letter as an example and work around it. A good letter can make all the difference.